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Client, loan expansion fuel profit growth at digital lender Inter

Bnamericas Published: Thursday, January 24, 2019
Client, loan expansion fuel profit growth at digital lender Inter

Brazilian digital lender Banco Inter reported a net profit increase of 5% year-on-year in the fourth quarter thanks to a sharp rise in the number of new accounts and loan growth.

The bank posted a net profit of 22.3mn reais (US$5.86mn), up from 21.3mn in 4Q17. The net profit for the full year rose to 69.8mn from 53.8mn in 2017.

Inter ended Q4 with 1.45mn digital accounts, up from 379,170 a year earlier.

Lending jumped 28.3% last year to 3.33bn reais at the end of 2018.

"We believe that this strong growth is explained by our value added proposition, which provides a free digital account, with a complete platform of products and services and a great experience for the user," Inter said in a statement.

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